Kambi Group, a reputed supplier of high-end sports betting solutions to licensed B2C gaming operators, has confirmed the successful buyback of a massive number of shares, in line with the approved share buyback plan from the extraordinary general assembly on June 19, 2023.
The announcement revealed a total repurchase of 55,000 ordinary B shares. The shares were acquired between April 29 and May 3, 2024, with the purchase price being 99.16 SEK (roughly equivalent to $9.16 at current rates) per share, according to Kambi’s disclosure.
Kambi’s share buyback program aims to enhance shareholder value and provide its board of directors with more flexibility. Under this scheme, Kambi was authorised to repurchase up to 10% of its ordinary B shares, with the cap being EUR 4 million (approx. $4.31 million).
This program is consistent with the guidelines delineated in the Maltese Companies Act, the (EU) Market Abuse Regulation No 596/2014 (MAR), Delegated Regulation (EU) No 2016/1052 (Safe Harbor Regulation) and other relevant regulations, as stated by Kambi.
The share buyback program was launched on March 18 and was scheduled to conclude on May 3, 2024. Throughout this period, Kambi bought a cumulative total of 322,086 ordinary B shares at a volume-weighted average price of 92.87 SEK ($8.58) per share.
It is to be noted that all the acquisitions have been executed on the Nasdaq First North Growth Market in Stockholm. All these transactions were undertaken by Carnegie Investment Bank on behalf of Kambi, as conveyed by the latter.
As of May 3, Kambi had 1,217,678 out of a total of 31,278,297 ordinary B shares in its ownership.
Kambi Bolsters Its Tribal Gaming Market Presence
Kambi Group extended its alliance with Mohegan earlier this month, consenting to equip two of its Pennsylvania-based tribal establishments with premier retail sportsbook. These properties consist of Mohegan Pennsylvania and Mohegan Pennsylvania at Lehigh Valley Race and Sportsbook.
As per the agreement, Kambi’s sophisticated sportsbook will be deployed across 20+ kiosks and sportsbook venues at the abovementioned properties.
The deal further strengthens Kambi’s partnership with Mohegan. The provider is already integral to operations of several casinos owned by the tribal giant.
This agreement also reinforces Kambi’s standing as a go-to partner for tribal enterprises and follows a previous agreement with the Choctaw Nation of Oklahoma.
Last month, Kambi published its Q1 results, featuring positive figures across the board and outlining strategies for further growth.
